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HSBC Europe's largest bank has worst gender pay gap

05 April 2018

The Government requires all companies with more than 250 employees to publish figures on the average salaries paid to men and women within the organization.

Comparatively, in 1997, men earned 17.4 per cent more than women on average. When median hourly pay was compared, the difference increased to 41.6%.

The office said 78 percent of commercial businesses and public sector organizations paid male staff more than female colleagues.

There are also industries which pay women less on average.

Ireland's Ryanair had one of the biggest gaps, with women paid 71.8 percent less then men on average.

Acknowledging there is "obviously still much to do", a spokeswoman for Bonhams says the company is working to balance the "larger number" of men in more senior positions.

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Of the main pub groups JD Weatherspoon appears to be the one with the least gender pay gap.

Marie Stopes International had a median pay gap of 36.8 per cent, and a mean gender pay gap of 45.2 per cent.

A spokesman for the Institute for Fiscal Studies said: "The gender wage gap has barely fallen over the last 15 years and greater understanding of its determinants are needed".

In total, eight firms claimed to pay men and women equally.

The gender pay gap is the difference between the average hourly earnings of men and women. For example, the majority of the overall headcount at Karen Millen are women, with most of these employees occupied in lower-paid stylist roles across the UK.

Another clear takeaway from the figures is that women are not making it into the boardroom.

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Britain's Equality and Human Rights Commission (EHRC) said the 1,500-odd companies that had not met the deadline would be given a month to comply before the watchdog took action - which could lead to court proceedings and result in unlimited fines.

Over 10pc of female staff earned bonuses past year compared to just 8pc of men, but men outnumber women throughout the company, from the boardroom down, making up 65.6pc of the workforce.

Of the 10,015 companies with more than 250 staff which met the deadline, nearly 80 per cent of them has reported that they pay men more than women, on average.

"I don't think any of us like where the numbers's a blunt instrument; the calculation is kind of odd, but it doesn't matter, it shines a light on how we have to do more". But each explanation for the gap simply reveals some different form of prejudice or bias between the two - whether it's in getting promotions, looking after children, or how different sectors in a company are paid.

Employers have also had to publish the gender split of their employees in four broad pay bands, as a large gender pay gap can stem from the problem of having fewer women working at the top end of the pay scale.

The existence of a gender pay gap in an organisation does not necessarily indicate discrimination by employers or that women are not receiving equal pay for equal work.

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HSBC Europe's largest bank has worst gender pay gap